Someone shared this very important documentation...
"Rolling Back Property Tax Payments: How Wal-mart Short-Changes schools and Other Public Services by Challenging Its Property Tax Assessments".
"Rolling Back Property Tax Payments: How Wal-mart Short-Changes schools and Other Public Services by Challenging Its Property Tax Assessments".
In the documentation, among many studies, on page 11 the following is reported:
"THE MANY WAYS WAL-MART ENGAGES IN STATE AND LOCAL TAX AVOIDANCE
During the past year, Wal-Mart has been the target of much criticism over reports that the company uses a real estate gimmick to avoid paying millions of dollars in state corporate income taxes. The controversy erupted in February 2007, when the Wall Street Journal published a front-page story revealing that the giant retailer was putting many of its stores under the ownership of a real estate investment trust (REIT) controlled by the company. The stores would pay rent to the captive REIT and deduct those payments as a business expense. This trick, essentially paying rent to itself, reduces the company’s taxable income and thus lowers the amount it pays to state governments. An April 2007 report by Citizens for Tax Justice estimated that Wal-Mart had thereby avoided some $2.3 billion in state income tax payments between 1999 and 2005. Numerous state legislatures have been taking action to try to close this loophole."
During the past year, Wal-Mart has been the target of much criticism over reports that the company uses a real estate gimmick to avoid paying millions of dollars in state corporate income taxes. The controversy erupted in February 2007, when the Wall Street Journal published a front-page story revealing that the giant retailer was putting many of its stores under the ownership of a real estate investment trust (REIT) controlled by the company. The stores would pay rent to the captive REIT and deduct those payments as a business expense. This trick, essentially paying rent to itself, reduces the company’s taxable income and thus lowers the amount it pays to state governments. An April 2007 report by Citizens for Tax Justice estimated that Wal-Mart had thereby avoided some $2.3 billion in state income tax payments between 1999 and 2005. Numerous state legislatures have been taking action to try to close this loophole."
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For the Highland Ave project in Salem:
The Wal-Mart Real Estate Business Trust is listed along with the Kennedy Development Group, Inc., etc. in the City of Salem Council Meeting Minutes for June 11, 2009. The following is quoted...
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Quote - "This company, Wal-Mart Real Estate Business Trust, is organized as a real estate investment trust, which is crucial to the tax savings. REITs are exempt from income tax if they plow most of their profits back to shareholders, which, in this case, is mainly Wal-Mart. (Such "captive REITs" differ from publicly traded real estate trusts, which are owned by numerous shareholders.)" ~ ReclaimDemocracy.org
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Here are some other facts from wakupwalmart.com:
Walmart's Wages
Walmart's Healthcare
Walmart's Impact on Communities
Walmart's Cost to Taxpayers
The real facts about Walmart's Traffic Impact
Abandoned stores
Anti-Worker (Anti-Union) Policies
Wage and Hour Law Violations
Peace on
Are these facts? In this economy any job is a good job. Walmart is already on Highland Ave and will either get bigger or remain in its current state. Your wasting so much time on a worthless cause. Its an uphill battle you will not win.
ReplyDeleteThe document has references. I highly suggest it as reading, and check out more of the facts on WakeUpWalmart.com
ReplyDeleteSalem is the only city in the world pro-Walmart
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